USA > Michigan > Wayne County > Detroit > Compendium of history and biography of the city of Detroit and Wayne County, Michigan > Part 24
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On the expiration of the first charter, in 1885, the institution was reorganized as the American Exchange National Bank, with a capital of four hundred thousand dollars and with the following named officers and di- rectors : President, Alexander H. Dey; vice- president, M. S. Smith; cashier, George B. Sartwell; assistant cashier, Hamilton Dey; di- rectors-A. H. Dey, Charles Root, M. S. Smith, S. J. Murphy, Samuel Havenrich, Thomas W. Palmer, Alexander Chapoton, Sr., William A. Moore, and George B. Sartwell. The honored president, Alexander H. Dey, to
whose able efforts and distinctive financial acumen the institution largely owes its up- building and prestige, died August 9, 1889, having been one of Detroit's influential and honored citizens and pioneer bankers. He was succeeded in the presidency by M. S. Smith, who remained the executive head of the institution until his death, October 28, 1899. Mr. Sartwell became vice-president after the demise of Mr. Dey, and Hamilton Dey and Hermann Dey, sons of the former presi- dent, assumed respectively the offices of cashier and assistant cashier, which offices they have since retained. Mr. Sartwell retired from the vice-presidency and was succeeded by Waldo A. Avery, who held this position until the death of Mr. Smith, when he succeeded to the presidency, with John N. Bagley as vice-presi- dent. They have since been re-elected to their respective offices each year, as have the cashier and assistant cashier, and the other executive officer is John P. Williams, who is auditor of the bank. The capital of the bank is now four hundred thousand dollars and it has a surplus fund of one hundred thousand dollars. The present directorate comprises the following named gentlemen : W. A. Avery, John N. Bag- ley, Charles W. Baird, Hamilton Dey, F. W. Gilchrist (Alpena), Gilbert Hart, William P. Holliday, Joseph L. Hudson, William H. Murphy, Julius Stroh, D. D. Thorp, Clay H. Hollister (Grand Rapids), Frank S. Werne- ken, James N. Wright, and Fremont Wood- ruff.
Since the death of his father and the retire- ment of Mr. Sartwell the active administration of the executive and details of the bank's counting room has devolved upon Hamilton Dey, who has attained to a leading position in the banking circles of the city and state. Mr. Avery brings to the presidency wide and varied experience as a man of affairs and is one of Detroit's substantial and well known capitalists, duly conservative in his methods and yet progressive in his attitude and demo- cratic in his views.
The banking offices of the institution were first located in the Seitz Block, and later re- moved to the Newberry & McMillan building,
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where they were located at the time of the reorganization as the American Exchange Na- tional Bank and where the business was con- tinued until the completion of the magnificent building of the Union Trust Company, when the present spacious quarters, occupying the entire north end of the ground floor, were se- cured, thus making one of the finest banking offices in the city.
THE SECURITY TRUST COMPANY.
The Security Trust Company, of Detroit, Michigan, began business July 1, 1906, with a capital and surplus of $1,000,000.00. At the end of two years the Company had paid $26,- 250.00 in dividends, and had undivided profits of $106,000.00.
The board of directors of the Security Trust Company is made up of representatives of the First National Bank, The People's State Bank, Dime Savings Bank, Peninsular Savings Bank, Home Savings Bank, American Ex- change National Bank, and various large De- troit corporations.
In the following paragraph is given a list of the officers, board of directors and advisory board of the company.
Officers : M. J. Murphy, president; Lem W. Bowen, vice-president; Frederic F. Sanford, secretary ; Emory W. Clark, vice-president ; Charles Moore, vice-president ; J. Harold Mur- phy, assistant secretary ; Gray & Gray, counsel. Board of directors : Russell A. Alger, president Alger, Smith & Company; William K. Ander- son, vice-president Home Savings Bank; John N. Bagley, vice-president American Exchange National Bank; Lem W. Bowen, treasurer D. M. Ferry & Company; Henry M. Butzel, at- torney; Emory W. Clark, vice-president First National Bank; John M. Dwyer, secretary Peninsular Stove Company; D. M. Ferry, Jr., secretary D. M. Ferry & Company ; J. B. Ford, vice-president Michigan Alkali Company ; William J. Gray, of Gray & Gray, attorneys; James S. Holden, real estate; Charles C. Jenks, president Jenks & Muir Manufacturing Com- pany; J. H. Johnson, president Peninsular Savings Bank; George E. Lawson, vice-presi-
dent People's State Bank; William Living- stone, president Dime Savings Bank; Charles Moore, vice-president Security Trust Com- pany; M. J. Murphy, president Murphy Chair Company ; Henry C. Potter, Jr., vice-president People's State Bank; John T. Shaw, vice- president and cashier First National Bank; James D. Standish, secretary and treasurer Hammond, Standish & Company; Morris L. Williams, president First National Bank. Advisory board: Hon. Lincoln Avery (Port Huron), W. T. Barbour, A. D. Bennett (Port Huron), Hon. James V. Barry (Lansing), F. W. Hubbard (Bad Axe), Ralph M. Dyar, Theodore H. Eaton, E. G. Filer (Filer City), M. W. O'Brien, Arthur M. Parker, Cornelius J. Reilly, Walter S. Russel, General George Spalding (Monroe), Thomas Cranage (Bay City), James Dempsey (Manistee), E. W. Sparrow (Lansing), Dudley E. Waters (Grand Rapids), Jere C. Hutchins.
THE MICHIGAN SAVINGS BANK.
Thirty years have elapsed since this solid and ably managed financial institution came into existence, and its history has been one of substantial, merited and constantly growing success. The bank was founded on the 17th of February, 1877, by the late Thomas McGraw and Samuel R. Mumford, the former of whom was president of the institution until 1880, when he resigned, being succeeded by George Peck, who has continuously served as chief executive since that time. The bank's headquarters from the start until Dec., 1907, were in the McGraw building, and were then removed to the Moffat Block, where the ap- pointments and facilities are those demanded in a modern and metropolitan banking house.
The Michigan Savings Bank was originally capitalized for sixty thousand dollars, and its operations were instituted on the 2d of April, 1877. On the Ist of May, 1882, the capital- istic reinforcement was increased to one hundred and fifty thousand dollars. At the present time the capital stock is two hundred and fifty thousand dollars. The first officers of the bank were as here designated: Thomas
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McGraw, president; Nicol Mitchell, vice-presi- upholding this reputation at the present time - lent; Samuel R. Mumford, secretary and is the Citizens' Savings Bank, which exercises most beneficent functions in its various depart- ments and which has the best of capitalistic and executive reinforcement. treasurer. The first board of trustees included these officers and also the following named gentlemen : Horace M. Dean, George W. Balch, William Perkins, Jr., Newell Avery, A. G. Lindsay, Julius Stroh, Joseph Kuhn, and George Peck. Upon the death of Mr. Mitchell Mr. Dean succeeded to the office of vice-presi- dent, of which he continued incumbent until his death, when J. H. Kaple, former post- master of Detroit, was chosen to fill the vacant office, which he retained until his death. He was succeeded by C. C. Jenks. Mr. Mumford died on the 24th of May, 1894, and his place as secretary and treasurer was filled by the selection of Charles Emerson.
Following is the personnel of the executive officers and directorate of the Michigan Sav- ings Bank: President, George Peck; vice- presidents, Charles C. Jenks, James D. Stand- ish and James S. Holden; cashier, George Wiley; assistant cashier, Hugh R. Burns. Di- rectors : Lem W. Bowen, Clarence M. Burton, Dexter M. Ferry, Jr., J. B. Ford, W. J. Gray, J. S. Holden, James Inglis, Charles C. Jenks, M. J. Murphy, Thomas Neal, George Peck, Hoyt Post, John T. Shaw, James D. Standish, F. F. Sanford, M. L. Williams, George Wiley.
According to the statement of the Michigan Savings Bank at the close of business Septem- ber 23, 1908, as called for by the commissioner of the banking department of the state, the capital stock paid in is shown to be $250,000; surplus fund, $125,000; commercial deposits, $900,893.36; certificates of deposit, $4,017.88; savings deposits, $1,393,864.45; and savings certificates, $128,322.79. These figures indi- cate adequately for the purposes of a publica- tion of this nature how substantial and popular is the institution, whose management has always been conservative and yet progressive.
THE CITIZENS' SAVINGS BANK.
At all periods in her history has Detroit maintained a high reputation for the solidity and able management of her banking institu- tions, and among the institutions which are
The Citizens' Savings Bank was organized March 5, 1885, and succeeded the private bank- ing house of Roberts, Austin & Company, lo- cated at 63 Griswold street. The interested principals in the firm of Roberts, Austin & Company were Lorenzo B. Austin, Albert S. Austin and Ephraim K. Roberts. The new bank was capitalized at one hundred thousand dollars and engaged in business with both com- mercial and savings departments. Its first of- ficial corps was as follows: President, Milton H. Butler; vice-president, Cyrus B. Barnes; and cashier, Ephraim K. Roberts. The mem- bers of the original directorate were, in addi- tion to the executives just mentioned, as fol- lows : John H. Avery, L. B. Austin, Thomas Berry, William G. Brownlee, Amos Chafee, S. L. Fuller, W. W. Hannan.
On the 5th of May, 1887, Ephraim K. Roberts was elected president, to succeed Mr. Butler, who had declined a re-election. Edwin F. Mack was elected cashier and his father, Christian Mack, president of the Ann Arbor Savings Bank, was added to the board of di- rectors. October 3, 1889, Mr. Roberts re- signed, to devote his attention to other business interests, and Christian Mack was elected to the presidency. In January, 1890, the bank decided to place itself under the banking law of 1888, and took out a certificate with the commissioner of banking. On April 29th of the same year the capital stock was increased to two hundred thousand dollars, and the of- fices were removed to more spacious and eligible quarters, in the Newberry building. At this time also the following officers were elected : Collins B. Hubbard, president ; Richard H. Fyfe, vice-president; Edwin F. Mack, cashier ; and Frank F. Tillotson, assist- ant cashier. In May, 1895, the bank was re- moved to its present handsome offices in the Chamber of Commerce building. July 1, 1898, Frank F. Tillotson was elected cashier, to suc- ceed Edwin F. Mack, resigned, and at the
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annual election in the following December Richard H. Fyfe was elected to the presidency, upon the resignation of Mr. Hubbard. Hugh Wallace is now vice-president ; Mr. Tillotson, cashier; F. J. Kirts, assistant cashier; and Charles E. Bryant, auditor. The attorneys of the bank are the firm of Barbour & Field, and the directorate is as follows : Levi L. Barbour, Thomas Berry, David S. Carter, Richard H. Fyfe, Frank Filer, James H. Flinn, Gaylord W. Gillis, Charles A. Kent, W. F. Jewell, George Osius, Hugh Wallace, and Frank F. Tillotson. The bank is a depository of the city of Detroit and the state of Michigan. Its sur- plus fund is fifty thousand dollars, and its un- divided profits in excess of ten thousand dollars.
THE DETROIT TRUST COMPANY.
In the stability, scope and management of her financial institutions Detroit has a source of just gratulation and pride, and among the prominent concerns exercising important functions and fortified by all that is reliable in executive control and capitalistic reinforce- ment, is the Detroit Trust Company, which has gained distinctive priority within the com- paratively few years of its existence.
The articles of incorporation of the Detroit Trust Company were approved by the state on the 8th of December, 1900, and the first meet- ing of the stockholders was held on the 17th of the same month, when the following named gentlemen were chosen to constitute the first board of directors : Henry Stephens, Theodore D. Buhl, Henry P. Baldwin, James N. Wright, Henry L. Kanter, Chester G. White, Elisha H. Flinn, Sidney T. Miller, Ammi W. Wright, George Peck, James E. Davidson, Edwin C. Nichols, Henry B. Joy, Rasmus Hanson, Edward H. Butler, Eldridge M. Fowler, James McGregor, Frank W. Eddy, Charles A. Dean, James Edgar, Charles M. Heald, John H. Avery, Merton E. Farr, Fred E. Driggs, Oren Scotten, Alexander McPherson, and Frank W. Gilchrist.
At the initial executive meeting of the board of directors, on December 20, 1900, the fol-
lowing officers were elected: President, Alex- ander McPherson, and vice-presidents, Theo- dore D. Buhl and Henry Stephens. The company inaugurated its active business on the 5th of January, 1901, its offices being located on the second floor of the building at Nos. 82 and 84 Griswold street. George L. McPherson was incumbent of the office of treasurer of the company from the time of its formal organiza- tion until December 1, 1902, and on the Ist of March, 1903, Howard J. Lesher succeeded him in this important office, of which he has since remained the able and popular incumbent. In 1903 also Henry Stephens resigned his po- sition as vice-president, and he was succeeded by Edward H. Butler, who is still serving in that capacity. On the 6th of May, 1901, Ralph Stone entered the service of the company in the office of assistant secretary, and later he was elected secretary, which office he still retains, proving a most discriminating executive of- ficer and supervising the details of the office with an exactitude and care that have gained to him the unequivocal commendation of the interested principals in the institution.
The Detroit Trust Company is capitalized for $500,000, and its business has shown a steady and gratifying expansion, placing it already among the leading concerns of the kind in the state. Its surplus fund at the pres- ent time is maintained at the same figure as its capital stock-five hundred thousand dollars, and its undivided profits amount to $554,- 794.85. The trust deposits of the institution, as shown in the report of its condition at the close of business September 23, 1908, as called for by the commissioner of the banking depart- ment, reach the noteworthy aggregate of $2,094,679.37.
THE NATIONAL BANK OF COMMERCE.
The financial and industrial interests of the commercial world have long maintained as their regulators and conservators the banking institutions, and upon the stability and proper systematization and management of the latter must depend the solidity and strength of prac- tically all other lines of business enterprise.
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Detroit is especially favored in the extent and character of her banking institutions, and one of the more recent but none the less representa- tive and stable concerns of this sort is that whose name appears as the heading of this article. This bank, whose offices are located in the Union Trust Building, opened for business on the Ist of June, 1907.
In a brochure issued by the bank in the month following its initiation of business ap- peared the following pertinent statements : "The National Bank of Commerce of Detroit was organized by young business men who are in intimate practical connection with various lines of active business. It represents the ag- gressive, progressive and at the same time con- servative commercial and manufacturing ele- ments of the city of Detroit. The officers are all in daily active attendance at the bank to give prompt attention to the interests of our customers. The small depositor is made as welcome as the large. Our aim is first that this bank shall be strong by its conservatism and large by its aggressiveness." These force- ful statements bear their own significance and truly denote the policy of the bank, whose suc- cess has been pronounced from the start.
The National Bank of Commerce received its charter under date of April 24, 1907, and its designated number is 8703. The one most prominent in the promotion of the organiza- tion of the new institution was its present cashier, Henry H. Sanger, of whom indi- vidual mention is made in this publication. The original and present officers of the bank are as follows: Richard P. Joy, president ; William P. Hamilton, vice-president; Henry H. Sanger, cashier; and Charles R. Talbot, assistant cashier. Concerning the personnel of the directorate the following data are entered: Frederick M. Alger is president of Alger, Smith & Company and vice-president of the Manistique Railway Company; William M. Davies is president of the Acme White Lead & Color Works; Edwin Denby is a rep- resentative lawyer of Detroit and member of congress from the first district of Michigan; Francis T. Dwyer is president of the Standard Foundry Company; Ralph M. Dyar is secre-
tary of the Trussed Concrete Steel Company and president of the Mexican Crude Rubber Company; G. B. Gunderson is secretary and treasurer of the Detroit Stove Works and vice- president of the Northern Motor Car Works; Charles H. Hodges is second vice-president of the American Radiator Company and president of the Detroit Lubricator Company; James Inglis is president and manager of the Ameri- can Blower Company ; Lewis H. Jones is presi- dent of the Detroit Copper & Brass Rolling Mills; Richard P. Joy is ex-controller of the city of Detroit, vice-president and treasurer of the Detroit Union Railroad Depot & Station Company, and vice-president of the Detroit Copper & Brass Rolling Mills; Edward M. Mancourt is western manager of the Fairmont Coal Company, Southern Coal & Transporta- tion Company, Somerset Coal Company and Consolidated Coal Company ; Edwin H. Nelson is president of Nelson, Baker & Company, of Detroit; John S. Newberry is president and general manager of the Detroit Steel Casting Company ; Dr. R. Adlington Newman is man- ager of the estate of the late Daniel Scotten; Edward D. Stair is president of the Detroit Free Press Company and the Detroit Journal Company; Frederick K. Stearns is president of Frederick Stearns & Company, of Detroit; Dr. Ernest T. Tappey is a practicing physician and secretary of the Universal Button Com- pany; Benjamin S. Warren is a lawyer and president of the Hutchins Car Roofing Com- pany; Charles B. Warren is a lawyer and president of the Michigan Sugar Company; Dudley E. Waters, of Grand Rapids, is presi- dent of the Grand Rapids National Bank and vice-president of the Michigan State Telephone Company. This constitutes assuredly a list of representative and active business men and capitalists, and the bank is thus fortified in all that is strong through the interposition of men of standing and worth.
The National Bank of Commerce is capi- talized for seven hundred and fifty thousand dollars, all of which amount is paid in. The surplus fund is one hundred and fifty thousand dollars and the deposits aggregate over two million dollars.
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In a circular recently issued the bank calls attention to the following pertinent facts : That at no time during the recent panic was the bank below the required legal reserve; that it had called no loans whatever during this panic and had in every way been of service to the community at large; and that it has paid out currency on demand at all times since the bank was organized.
DETROIT SAVINGS BANK.
One of the oldest and most substantial and popular of the banking institutions of Detroit is that whose title is here noted. The Detroit Savings Bank dates its inception back more than half a century, being the successor to the Detroit Savings Fund Institute, which was incorporated March 5, 1849, being the first institution in Michigan to receive deposits and pay interest on the same. Its charter was granted by Governor Epaphroditus Ransom, who appointed the following board of trustees : Elon Farnsworth (ex-chancellor of the state), Shubael Conant, Zina Pitcher, David Smart, Charles Moran, George M. Rich, John Palmer, Levi Cook, James A. Hicks, Benjamin B. Kercheval, and Gurdon Williams.
The Detroit Savings Fund Institute was differentiated from the banking institutions of the present day in one important particular. It was incorporated without capital stock and was conducted upon the co-operative plan, the depositors sharing the profits on a mutual relative basis. This plan of banking was then much in vogue in the eastern states, and in some districts in that section of the Union obtains at the present time. Elon Farnsworth was chosen first president of this important pioneer banking institution and continued in this chief executive office until his death, which occurred in 1877. This bank was for many years without competition in its prescribed field of operation, and numbered in its direct- orate many of the most prominent and influ- ential men of Detroit, among the number being the following: Henry N. Walker, Governor Henry P. Baldwin, Henry Ledyard, Samuel Lewis, Henry P. Bridge, Edward Lyon, Will-
ard Parker, Edmund Trowbridge, Alexander Chapoton, Sr., Thomas Ferguson, George Jerome, William K. Muir, Alexander Lewis, and Sidney D. Miller.
On the Ioth of July, 1871, the bank was reorganized under the name of the Detroit Savings Bank, which title has since been re- tained. It was at this time incorporated with a capital stock of two hundred thousand dol- lars, and the charter granted had a double liability clause, for the more effective protec- tion of its depositors. Elon Farnsworth was continued in the presidency of the new insti- tution and remained in this position until his death, as has already been noted in this context. When he was called from the scene of life's endeavors, in 1877, after a career of unqualified distinction and honor, he was suc- ceeded in the presidency by Alexander H. Adams, the cashier, who retained both offices thereafter until 1882, when he retired from the position of cashier, though remaining in- cumbent of the office of president until his death, in the following year. The next head of the institution, Sidney D. Miller, was chosen from the board of directors, and, like his pred- ecessors, he proved a most able and popular executive, holding the presidency until his demise. He was succeeded by the present in- cumbent, Dewitt C. Delamater, one of the honored business men and substantial capital- ists of the metropolis of the state.
It is consonant that in this brief review mention should be made of other prominent citizens who have served as members of the board of directors of this fine old banking house. F. B. Sibley was a director for twenty- five years and also served as vice-president ; Hon. James McMillan was a director for twenty-seven years; George Hendrie, who is now one of the oldest bank directors living in Detroit, has been a valued member of the board for the past thirty years; and others who have done most effective service have been Charles A. Dean, D. C. Delamater, Sidney D. Miller, E. A. Chapoton, M. D., and W. K. Anderson.
The present executive corps of the Detroit Savings Bank is as follows : D. C. Delamater, president ; Charles A. Dean, vice-president; E.
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C. Bowman, assistant to the president; Cyrus Boss, cashier; and T. F. Hancock, assistant cashier. The board of directors comprises the following : George Hendrie, D. C. Delamater, Charles A. Dean, W. K. Anderson, E. A. Chapoton, M. D., Philip H. McMillan, Sidney T. Miller, Strathearn Hendrie, Arthur M. Parker, and John M. Dwyer.
The rate of interest paid by the Detroit Sav- ings Bank on savings accounts is three per cent., and since its organization there have been more than one hundred thousand accounts opened, while it has paid to its depositors in interest more than one-half millions of dollars.
In 1900 the capital stock, paid in, was in- creased to its present figures, $400,000, and the official report of the bank at the close of busi- ness September 23, 1908, as called for by the commissioner of the banking department, shows that it has a surplus of $400,000; undi- vided profits, net, $235,888.40; commercial deposits, $704,167.05; and savings deposits of $7,278,639.69. The history of the bank has been one of consecutive and splendid growth and prosperity, and it has ever maintained an inviolable hold upon the confidence of the pub- lic. This venerable banking concern merits consideration in every publication which touches the annals of the city of Detroit and the history of financial operations in the state. The present banking offices are in commodious and finely equipped quarters in the Penobscot building.
THE WYANDOTTE SAVINGS BANK.
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